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Tuesday, January 31, 2023

Eric Adams Is Seeking A Balance With The Regulators

Eric Adams, the mayor of New York City, has been focusing on making New York one of the biggest crypto hubs in the world, but he believes that this goal can only be combined with multiple statewide efforts that would curb the environmental costs that are related to the mining of crypto- as mentioned in reports from the 25th of November.

The comments also follow the new laws that have been signed by the Governor of New York, Kathy Hochul, where mining activities under a proof-of-work scheme have been banned for 2 years in this state. The mayor, who is a known crypto component, did state back in June that he would be asking the governor to veto this bill. With the bill about to be signed into law, the city will also work with the legislators in order to find a balance between the legislative needs and the development of the crypto industry

Eric Adams Wants To Put New York On The Crypto Map

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According to Eric Adams, the POW mining moratorium will not only prohibit new operations of mining but also refuse the renewal of licenses to those who have been operating in the state already- as has been reported by Cointelegraph. Any new operation under a POW mining scheme in this state would only be operable if it went on to use 100% renewable energy. The United States currently leads the mining hash rate of Bitcoin by country, with 37.8% of the network hash rate of the cryptocurrency coming in from this country. The two-year moratorium on the POW mining scheme could definitely prove expensive- whilst setting up a domino effect for the rest of the states to follow through. 

Eric Adams did state that the state needed to be a welcoming place for technology in all shapes and forms. And cryptocurrency would just be a part of the overall technology that the country has been looking at. 

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